Twitter's Parag Agrawal youngest CEO in S&P 500, nudges out Zuckerberg

Topics Twitter | Jack Dorsey | CEOs

Newly named Twitter CEO Agrawal has emerged from behind the scenes to take over one of Silicon Valley's highest-profile and politically volatile jobs. (Ellian Raffoul/Courtesy of Twitter via AP)
Twitter Inc.’s new Chief Executive Officer Parag Agrawal is now the youngest CEO in the S&P 500, but apparently just barely.

Agrawal, who was appointed Monday to succeed Twitter founder and CEO Jack Dorsey, is 37, the same age as Meta Platform Inc. CEO Mark Zuckerberg. Citing security concerns, Twitter wouldn’t disclose Agrawal’s date of birth, but confirmed he was born later in 1984 than Zuckerberg’s May 14 birthday. Dorsey, at 45, was already among the dozen youngest CEOs in the collection of the largest U.S. companies.

“I don’t think the age thing is that big of a deal, especially for companies like this. It could be an advantage,” said David Larcker, a professor at the Stanford Graduate School of Business, who studies CEO performance. “The fact that Dorsey is stepping down from the board, so he’s not going to be like a shadow CEO, he must have real confidence in him.”

Berkshire Hathaway Inc. CEO Warren Buffett, is the oldest CEO in the S&P 500 at 91, according to data compiled by Bloomberg. The average age of a CEO among the 500 largest companies was about 58 years, the data show. But the broader trend in CEO age still doesn’t favor youth. Data on S&P 500 companies measured over the last two decades by executive recruiter Spencer Stuart shows a small but steady increase in the age of the CEO.

Agrawal joined Twitter in 2011. Dorsey will stay on the board of the San Francisco-based company until his term expires in 2022, Twitter said Monday in a statement. Agrawal is also joining the board, where he will also be a statistical outlier. The average age of an S&P 500 director is 63, according to Spencer Stuart.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel